In the wake of the crisis, the capacity of many banks to lend to relatively high-risk sectors such as SMEs and young, innovative firms is seriously impaired by capital constraints and a strong deterioration in the quality of the assets on their balance sheets. Looking forward, it is vital that...

Der Präsident des Europäischen Parlaments, Martin Schulz, hat wiederholt betont, dass kleine und mittelständische Unternehmen nur begrenzten Zugang zu Krediten haben. Eine Förderung dieser Unternehmen sei daher sinnvoll, um die Arbeitslosigkeit zu verringern. Laut Presseberichten erwägt...

The president of the European Parliament, Martin Schulz, has repeatedly pointed out that small and medium-sized enterprises (SMEs) in some southern European countries face major constraints to access to credit and that removing these constraints for SMEs could contribute to reducing...

In this paper a new instrument for monetary policy shocks is presented. Exogenous variation of the policy rate may come from frictions of collective decision-making. Dissenting votes indicate how far the final decision of the decision making body is from the mean of the members' individually...

This paper provides a pan-European assessment of EU credit guarantees to SMEs. Synthesizing past research, it investigates the firm-level economic impact of over 360,000 guaranteed loans under the EU MAP and CIP programmes from 2002 to 2016. These loans represented a total amount of EUR 22bn...